The present invention relates to an improved valve assembly for discharging liquid from bulk containers, and more particularly disposable bulk containers. Such containers, which are used in place of conventional 55 gallon steel or fiber drums, steel or fiberglass bulk totes, and wirebound crates, typically comprise an outer shell which may be formed of corrugated fiberboard and an inner liner formed of flexible synthetic plastic material. The containers may have a capacity of up to 330 gallons, i.e. six times greater than the capacity of conventional steel drums, and are typically strapped to a wooden pallet for ease of transportation and handling. The improved valve assembly of the present invention provides a low-cost, efficient re-sealable device for discharging selected quantities of liquid from the bulk liquid containers.